3 Reasons Why Millennials Need Credit Fraud Alerts
Millenials use their smartphones and credit cards for everything. From the moment they wake up they are sharing social media updates. Over breakfast they are checking their emails and sending messages. During the day, they will be on and off the phone, carrying out financial transactions, shopping online, doing searches for trips and leisure, and sharing information with their friends. Recent research suggests that the average person swipes, taps, and pinches their phone screen 2,617 times per day(or about a million times per year)!
The average household already owns more than five internet-connected devices. And this is only going to increase in 2017 as we move towards connected homes, connected cars and wearables. Nearly four in 10 millennials (39%) say they interact more with their smartphones than they do with their significant others, parents, friends, children, or co-workers, according to a 2016 survey by Bank of America.
The digital age makes life easier, but it puts your identity and credit card in danger from cyber criminals. One in three US millenials have closed all bank accounts after a fraud incident. A millenial is at risk from an ever-increasing number of factors including email account hacking, online banking breaches, untrustworthy online shopping sites and mobile pay systems.
The only way to stay safe is to invest in a service that sends out credit fraud alerts. It is vital for a millenial to have intelligent credit monitoring services on their smartphone.
Here are 3 reasons why a millenial needs fraud alerts:
1.Credit Card Fraud
Credit card fraud is on the rise. About 31.8 million U.S. consumers had their credit cards breached in 2014, more than three times the number affected in 2013. Credit card fraud detection is more important than it ever was. Being vigilant of credit card transactions through constant monitoring of accounts is key to protecting yourself. But this won’t pick up a cyber thief using your credit card on the black market. A mobile app which sends you credit fraud alerts when this occurs is the best protection you can have.
2.Taking funds from your bank account
Many millenials worry if online banking is safe and secure. Banking apps can be compromised, and unprotected smartphones have security flaws. Using techniques like reverse engineering and mobile malware infections, it’s entirely possible for a bank app to be compromised and to have your credentials stolen or intercepted. Even using something like two-factor authentication might not be enough to prevent this. A service offering credit fraud alerts could notify you when suspicious activity is taking place.
A millenial’s personal information is very easy to access on the internet. This allows a cyber criminal the possibility of stealing your identity, and applying for loans, credit cards and property in your name. How to prevent identity theft requires continuous monitoring of all your accounts, on the lookout for any unusual or suspicious activity. If you really want to learn how to protect yourself from identity theft, think like a hacker. Access important websites in private or incognito mode. Also, you also should now how to problem solve, like how to change your Facebook password if you’re hacked.
To feel 100% secure from identity theft, the safest option is to download LogDog’s protection app for iOS or Android, which monitors all your accounts on a 24-hour basis.
How can a millenial get credit fraud alerts?
If you download a protection app like LogDog on your mobile device, you can connect all the accounts you want to protect. Hundreds of parameters are used to identify unauthorized access to your accounts. You will be alerted by a notification as soon as the app finds suspicious activity on your accounts. You will then be instructed as to how to deal with account intrusion before the cyber thief has a chance to cause irreparable financial damage and has taken control of your accounts.